A quick look at #ChainLink (LINKUSDT, 4HR, Binance):
Price broke and retested the upper resistance of the pennant pattern on March 31, and the following wedge on April 13.
LINK then managed to break TP1 (Woo-hoo!) and run up to $44.40 (ATH), short of TP2, where it was rejected.
With the double-top, price is taking a break and should likely find support at S2, where it could resume its run up. If S2 does not hold, S3.
Since we are still in an uptrend, this could be a good break to restock some LINKs! :)
If you want to read more about ChainLink on CoinMarketCap, click here.
What do you think?
Still learning here, so any constructive feedback and positive vibes to improve my analysis are welcome. But if you enjoy my chart, please like, comment or follow me. :)
Thank you and Happy trading!
------------------------------------------------------ Needless to say, this is not financial advice!
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Comment: I mentioned the double top, yesterday. With the general market drop, there was nothing LINK could do to hold on the previous levels. The high volume at the bottom of the dip suggests some sell/buy activity, and the EMA200 seems to hold for now. Be careful, price might still go lower before going back up.
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LINK has held quite well all considered. Even if price went all the way past the 0.618 Fib, candles have closed above the EMA200. Now price seems to have formed a triangle pattern. Let's monitor where it will go from here.
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LINK broke out of the triangle. Now we need to see if the breakout is confirmed. If so, we could continue our way upward:
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The recent drop spared our Stop Loss. There was a very nice stopping volume, which suggests interest in that price range. Let's see if price will continue its way up.
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We made it to TP2! Who-hoo! If the current resistance will flip to support, we can hope to see LINK closing to TP3.